Online trading is a financial endeavor that offers very lucrative prospects. Traders all around the world have garnered vast amounts of wealth, not to mention the invaluable trading experience.
The revenue prospects may seem tempting; however, you should keep in mind that you have to make sure everything works in your favor. This is particularly true for online brokers. They provide an online platform and their own trading conditions that’ll affect your experience. That’s why it’s essential that you choose the right broker.
In this review, we’ll take a look at one such broker and find out, whether Tradeview Markets can be trusted or not!
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Tradeview Markets reviewSign up with XM Forex |
Initial TV Markets review
The TV Markets online broker is yet another brokerage that has been established 11 years ago; thus, one might think it should have gained a lot of experience in the field of Forex trading. Let’s take a brief look at the broker and see, what it’s up to. Then, we’ll review each component thoroughly in the upcoming chapters.
Terms and Conditions
Let’s start with numbers, shall we? The broker demands its customers to deposit the minimum of $100 which, to be fair, is not that high; however, when it comes to the novice traders who want to gain experience without risking too much money, the broker also offers the minimum bets of just 10 cents.
The spreads start from 0 pips, which is an impressive number considering how much depends on the currency (or another market) pairs’ slippage. As for the maximum leverage, it goes as high as 1:400 which, again, is well above the market average.
These numbers may mean that the traders can make large profits. But, on the other hand, the broker might be showing them off to trick new customers and entangle them in whatever financial scheme it prepares. We’ll find that out soon.
Website
As for the website, it may contain the most important information about the broker, but the big downside of the interface is just how overloaded it looks. With the saturated reds and too much visual data, the website looks like it was created by an amateur web designer who wanted to put in it as much as possible.
The trading accounts are also somewhat weird. We’ll explain this in the next chapter but for now, let’s just say other brokers categorize the trading accounts differently.
And when it comes to TV Markets withdrawal and deposit possibilities, there might be several options listed in this category but none of them offer instantaneous and safe transactions as PayPal or cryptocurrencies do.
Regulation
The broker claims that it has a license from the Cayman’s financial institution. We don’t know who might fall for that but we certainly think this is a lie. We’ll discuss this in-depth down below.
Overall, our initial impression is that while the offerings are fancy and competitive, there are many small details that make us suspicious of the TV Markets fraud. Let’s dive into those details, starting with the website.
Complicated website
We said earlier that the broker has been established many years ago and should have garnered enough experience to merely create a sophisticated and at the same time, simplistic website. Yet that’s exactly where it fails.
Even though it contains almost everything concerning the trading accounts, terms and conditions, information about the broker itself, still, the interface is too overloaded with unnecessary visual elements. The most obvious one here is the excessive use of rich reds to the extent that it hurts our eyes by looking at it.
The detailed and contrasty images added to the interface make everything even more complicated and messy. Not to mention the fact that a stock website, tvmarkets.com, is just a stock trading environment where, even with its visual and slide-over effects and NASDAQ conditions, you cannot find such crucial information as leverages, bonuses, etc. You have to switch to a separate, Forex trading, website which is the one with the red-and-white design and where you’ll find what you’re looking for.
So far, we don’t see an excessive trading experience here.
To be fair, the TV Markets MetaTrader 5, as well as other (Sterling Trader Pro, Rhino Trader, etc.) trading platforms are the most recent programs that enable the seamless trading experience. However, the MT5 is very complicated and difficult-to-use for inexperienced traders. A much simpler version of this platform is MetaTrader 4 with its simple and easily discernable interface.
As for the withdrawal and deposit possibilities, the broker supports the wired transfer, as well as credit cards along with other fancy platforms like Skrill, Uphold, Neteller, etc. However, when it comes to safety and fast transactions, all of those options fall short when compared to PayPal and Bitcoin (or other cryptocurrencies).
Now, let’s switch to the regulation claims and assess their credibility.
CIMA license further proves TV Markets scam!
The broker claims that the moment it was created back in 2008, it received a license from the Cayman Islands Monetary Authority. And even though there are a lot of positive TV Markets reviews on the internet saying the broker is legit with its trustworthy licensing, we’re still going to say it: CIMA license is as good as a piece of paper it’s written on!
If anyone believes that the Cayman Islands is capable of overseeing the financial activities of the broker operating all around the world, be our guest. We, on the other hand, believe that the small distant island in the Western Carribean doesn’t have a political prowess or influence to guarantee that a given broker is following its duties responsibly.
What’s happening here is that, by registering on the Cayman Islands, TV Markets is effectively hiding its earnings and illegal activities from the more powerful countries. These countries are capable of holding any company to the higher financial standards and TV Markets, who is supposedly involved in some sort of a financial scheme, clearly doesn’t want that. CIMA license is definitely a solution for them.
Plus, the company doesn’t provide its service to the citizens of the United States. The US has higher requirements for the online trading platforms, while many brokers cannot really fit in those frames. That’s why TV Markets doesn’t cover the US and that’s why we believe the TV Markets fraud is real!
Trading terms and conditions
Now, let’s get to the most important part of our review – the actual numbers.
As we mentioned above, TV Markets promotes some of the most competitive trading conditions on the market. For example, the maximum leverage can go as high as 1:400 which, if you know how the leverages work, promises large profit possibilities.
As for the spreads, the currency, or other, pairs can have a slippage of 0 pips, which is to say none at all. This is an impressive number and does also contain profitable opportunities.
And when it comes to the minimum deposit requirements, the standard deposit starts at $100. Even though this is not a big amount by any means, still, it’ll scare away many novice traders who want to step into the field without risking too much of their money. With that in mind, the broker offers such customers to make bets at just 10 cents. However, you still have to deposit $100 and then you can decide, whether you bet all of it or just the minimum 10 cents.
Overall, these numbers might be impressive on their own, but when coupled with an unprofessional website and an outright lie with licensing issues, we’re forced to believe in a different scenario: the TV Markets FX brokerage promotes these numbers to deceive its customers and engage them into the financial Ponzi schemes.
The trading accounts, as we mentioned in the first chapter, are somewhat counterintuitively arranged. Most brokers categorize their accounts based on the actual experience of the traders, thus the accounts should look something like this: beginner, experienced, veteran, etc.
However, TV Markets has gone on a different path by categorizing the accounts on the basis of the number of traders involved in a single execution: Individual (for single traders), Joint (for several traders), and Corporate (it’s pretty self-explanatory – for large groups).
Even in this aspect has the broker managed to deviate from the common path, which might not be that big of a deal on its own, but when coupled with the bus-load of inconsistencies, it adds up to the whole fraudulence equation.
Final verdict – is TV Markets legit?
Our answer is – most probably no! The TV Markets Forex broker is a company full of inconsistencies and shady sides.
The website looks unprofessional. The combination of saturated reds and contrasty images complicate the interface while taking away the most important aspect when it comes to a decent website – simplicity. Trading should not be intimidating to the newcomers, or even to the experienced traders, while the website certainly overcomplicates things.
The regulation claims also look deceiving. The CIMA licensing might be filling the blank spaces on a piece of paper, but when it comes to the actual oversight, there’s not much the Cayman Islands can do to control TV Markets’ illegal activities.
When already filled with suspicions based on unprofessional website and deceiving licensing, the impressive trading numbers also seem like they’re part of the scheme: the TV Markets promotions are designed in a way that they can overwhelm the customers and manipulate them into this financial scheme that TV Markets has supposedly created.
To put it in a nutshell, we wouldn’t recommend anyone to have anything to do with TV Markets. Better be safe than sorry!
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